1— | KOG | Kongsberg Gruppen ASA | 87-1 | 88-3 | 83-1 | 72+2 | high | Kongsberg Gruppen is the standout name in the universe, driven by record European defense spending, a multi-year order backlog, and a rare combination of growth visibility and earnings quality. | ▼ |
2— | SALM | SalMar ASA | 78+2 | 75+1 | 78+1 | 63+3 | high | SalMar's superior cost structure and strong Norwegian harvest volumes make it the highest-quality play on firm salmon prices heading into the seasonally strong Q2 period. | ▼ |
3— | MOWI | Mowi ASA | 76+4 | 72+5 | 75+4 | 66+4 | high | Mowi's global scale and vertically integrated model position it well to capture elevated salmon spot prices, with solid Q1 results reinforcing near-term earnings momentum. | ▼ |
4▲1 | AUSS | Austevoll Seafood ASA | 72+4 | 65+3 | 68+2 | 58 | high | Austevoll benefits from firm salmon spot prices and diversified seafood exposure, though smaller scale and higher financial leverage temper conviction versus larger peers. | ▼ |
5▲4 | SUBC | Subsea 7 SA | 68+5 | 65+5 | 67+3 | 58+3 | medium | Subsea 7 rides a multi-year offshore energy services upcycle with a strong order backlog and improving EBITDA margins, though energy price softness adds some project sanctioning risk. | ▼ |
6▼2 | DNB | DNB Bank ASA | 67-3 | 60-6 | 72 | 70+2 | medium | DNB's robust net interest margins, strong capital position, and resilient Norwegian credit quality support a constructive view, with any rate-cut timeline delay acting as a positive catalyst. | ▼ |
7— | ORK | Orkla ASA | 64-1 | 55 | 66-1 | 78+4 | medium | Orkla's defensive consumer staples profile offers stability, but modest organic growth and limited near-term catalysts cap upside in a market favouring higher-beta names. | ▼ |
8▼2 | STB | Storebrand ASA | 63-4 | 58-5 | 65-3 | 62-3 | medium | Storebrand's growing asset management and insurance franchise benefits from rising long-term interest rates, though sensitivity to equity market volatility introduces near-term noise. | ▼ |
9▼1 | TEL | Telenor ASA | 61-3 | 53 | 63-2 | 75-1 | medium | Telenor's defensive telecom cash flows and solid dividend yield provide stability, but competitive pressures in Nordic and Asian markets and limited earnings growth keep the score in moderate territory. | ▼ |
10— | BWLPG | BW LPG Limited | 55-6 | 50-8 | 60-3 | 48-2 | medium | BW LPG benefits from structurally firm LPG shipping rates and a strong dividend policy, but spot rate softness in recent weeks and fleet oversupply concerns temper near-term enthusiasm. | ▼ |
11▲1 | EQNR | Equinor ASA | 50-5 | 44-6 | 62 | 55-3 | medium | Equinor's diversified energy portfolio and strong balance sheet provide a floor, but oil price headwinds and energy transition capital allocation uncertainty limit near-term upside. | ▼ |
12▲1 | AKRBP | Aker BP ASA | 45-7 | 38-10 | 58 | 45-5 | medium | Softer Brent crude in the low-to-mid $70s and OPEC+ supply uncertainty weigh on Aker BP's near-term cash flow outlook despite an attractive dividend yield. | ▼ |
13▼2 | NHY | Norsk Hydro ASA | 44-14 | 40-15 | 48-12 | 50-2 | low | Norsk Hydro navigates a challenging environment of soft aluminium prices and elevated European energy costs, with the renewables segment providing only partial offset to upstream margin pressure. | ▼ |
14— | SCATC | Scatec ASA | 42-5 | 45+2 | 38-3 | 32-6 | low | Scatec offers long-term renewable energy growth optionality, but near-term execution risks in emerging markets, elevated debt, and currency exposure to EM currencies weigh on the 1–4 week outlook. | ▼ |
15— | YAR | Yara International ASA | 38-6 | 33-5 | 40-2 | 42-2 | low | Yara faces persistent headwinds from high European gas input costs, compressed fertilizer spreads, and weak urea prices, with no clear near-term catalyst for margin recovery. | ▼ |